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Arkle Resources PLC (ARK)

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Tuesday 13 July, 2021

Arkle Resources PLC

Preliminary results from drillhole 4 at Mine River

RNS Number : 9774E
Arkle Resources PLC
13 July 2021
 

13 July 2021

 

Arkle Resources PLC

 

("Arkle" or the "Company")

 

Preliminary results from drillhole 4 at Mine River

 

4metres at 2.03g/t Au including 0.5metres at 9.11g/t Au in  hole 21-TB-08

Further gold analysis ongoing

 

Arkle Resources (AIM: ARK) is pleased to announce preliminary results from their fourth drillhole of the diamond drilling programme being undertaken at the Company's 100% owned Mine River Gold Project in Wicklow / Wexford.  Highlights below:

 

Hole ID

From

To

Width

Au (g/t)

21-TB-08

112.30

113.30

1.00

0.24

21-TB-08

127.90

128.40

0.50

1.49

21-TB-08

130.90

131.40

0.50

0.89

21-TB-08

138.40

143.40

5.00

0.21

21-TB-08

145.40

149.40

4.00

2.03

Including:

21-TB-08

146.90

147.90

1.00

5.18

Including:

21-TB-08

147.40

147.90

0.50

9.11

 

 

This recent drillhole, which was drilled to a depth of 200 metres, was located 50 metres directly north of the original high-grade hole drilled at Tombreen in 2017.

 

These results represent the standard initial gold analysis by fire assay.  Arkle geologists believe that some grades may be lower than expected due to the nugget effect, as visible gold was noted in three of the samples sent for analysis but returned lower grades than expected.  Under the standard fire assay method, each sample, which weighs roughly 1.8kg, is crushed to 70% less than 2mm, riffle split off 250 grams, pulverise split better than 85% passing through a 75 microns screen where a 30 gram representative sample is used in the final analysis.  During the sample preparation process nuggets may or may not make their way to the final representative sample and therefore cause a nugget affect whereby the analysis may give an over or under estimation of the overall gold grade.  The further analysis currently underway is carried out on a milled portion of 1 kg of each sample.  This portion is sieved through a 100 micron sieve.  Oversize fraction, that typically weighs from a few grams and up to about 100g, and which contains coarser nuggets, is analysed in full using its entire weight, making a few fusions of 50g each.  The under-size fraction is analysed using two replicate 50g portions.  The process is also more lengthy but it is hoped that results will be available by the end of the month.

 

The current results in Hole 4 have revealed further gold bearing blue quartz and quartz veining in shale at a deeper level.

 

The rig has now completed Hole 5, a 200 metre drill hole, which is 220 metres west along strike. Early observations have noted further blue quartz veining and sulphide, though no visible gold. The core has been sent for analysis and results are expected next month. The rig has now been moved back for a 50 metre step out hole from Hole 4. 

 

John Teeling, Chairman commented : "The preliminary results show extensive gold mineralisation over 4 metres in Hole 4. The reported grades may not reflect the visible gold seen in the core due to the so called "nugget effect". Further analysis is underway to clarify this.

 

Hole 5, 220 metres away, has been completed with the gold bearing veins intersected. The rig has now moved back to drill a step out hole 50 metres from Hole 4."

 

This announcement has been reviewed and approved by Gavin Berkenheger (CGeol) in his capacity as the Qualified Person for the purposes of the AIM Note for Mining, Oil and Gas Companies issued by the London Stock Exchange.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR".

 

ENDS

 

 

Enquiries:

 

Arkle Resources PLC


John Teeling, Chairman

+353 (0) 1 833 2833

Jim Finn, Finance Director

+353 (0) 1 833 2833



SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker


Matthew Johnson/Adam Cowl

+44 (0) 203 470 0470



First Equity Limited


Joint Broker


Jason Robertson

+44 (0) 207 374 2212



Blytheweigh

+44 (0) 207 138 3204

Megan Ray


Rachael Brooks




Teneo

 

Luke Hogg

+353 (0) 1 661 4055

Ciara Wylie

+353 (0) 1 661 4055

 

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